"The Treasury's doing everything right," said Jim Cramer on Thrusday's "Stop Trading!" segment on CNBC. "This particular plan, the 3 million, would be good for retail."

"If FDIC Chairman Shelia Bair gets her way and we bail out 3 million homeowners," he said, "that's the first good news" for stocks such as Loews ( L) and Home Depot ( HD), which Cramer said would get a "lift." He also sees good things in store for Black & Decker ( BDK) and Fortune Brands ( FO) under Bair's plan.

"The plan is right, and I salute her for getting on board," he said.

Avon ( AVP) and Colgate ( CL) are "big international business," Cramer said. People assume that Avon does well in times of economic crisis because "you have more people who are going door to door, looking for that second job," he said, but Avon has been completely obliviated." He said it is "such a disaster that even though it yields 4%, I would not buy it."

Colgate, on the other hand, had a quarter "so good that I would buy it."

Infrastructure plays such as Manitowoc ( MTW) and Foster Wheeler ( FWLT) were "just decimated by the hedge funds," Cramer said, but "I am seeing new orders coming in every day, and I'm not hearing cancelations."

He added that with Manitowoc and Terex ( TEX), he's "worried about used cranes."

At the time of publication, Cramer had no positions in stocks mentioned.

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

TheStreet.com has a revenue-sharing relationship with Traders' Library under which it receives a portion of the revenue from Traders' Library purchases by customers directed there from TheStreet.com.

More from Stocks

One-on-One With Carnival Corporation CEO Arnold Donald (Watch)

One-on-One With Carnival Corporation CEO Arnold Donald (Watch)

Replay: Jim Cramer on the Markets, Tiffany, Micron Technology and Union Pacific

Replay: Jim Cramer on the Markets, Tiffany, Micron Technology and Union Pacific

Carnival CEO Arnold Donald: China Will Become the Largest Cruise Market

Carnival CEO Arnold Donald: China Will Become the Largest Cruise Market

Stocks Finish Higher After Release of Fed Minutes

Stocks Finish Higher After Release of Fed Minutes

Has Wall Street Completely Lost Its Mind on General Electric?

Has Wall Street Completely Lost Its Mind on General Electric?